Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

FACTBOX-U.S. companies raise product prices to tackle wage, raw material inflation

07/23/2021 | 08:42am EDT
FILE PHOTO: Bottles of Pepsi are pictured at a grocery store in Pasadena

    Aug 2 (Reuters) - A slew of major U.S. companies that are
reeling from the impact of high prices of raw materials,
increased labor expenses and supply-chain woes are raising
product prices as demand for several goods rebound with the
reopening of the economy. 
    Below are the comments from U.S. companies on their efforts
to counter an inflationary environment:
 Procter & Gamble Co   Expects a roughly $1.9 billion
                       after-tax hit from input costs this
                       year, which it plans to offset through
                       cost cuts and further price hikes.
 Mohawk Industries     Said material, energy and
 Inc                   transportation inflation is expected
                       to continue and further price hikes
                       will be required actions to offset its
 Yum Brands Inc        Increased pricing moderately across
                       brands in the United States to deal
                       with inflation.             
 Starbucks Corp        Said price increases helped offset
                       sizable wages investments, higher
                       supply chain costs in the third
 Sherwin-Williams Co   Implemented price increases to offset
                       significant, sustained raw material
 Kraton Corp           Announced price increase for certain
                       products due to higher raw material
                       and logistic costs.             
 Oil-Dri Corp of       Announced a 5% to 9% increase in price
 America               of some products from Sept. 1.
 Caterpillar Inc       Said it has carried out price
                       increases twice this year to offset
                       higher raw material costs.
 General Electric Co   Said it is managing the inflationary
                       pressure partly through price
 Mattel Inc            Announced it would raise prices in the
                       second half of the year to cover
                       higher commodity and transportation
 Mondelez              Said it plans to counter rising raw
 International Inc     material costs by increasing product
                       prices and reducing packaging
 McDonald's Corp       Said its prices were around 6% higher
                       from a year earlier in the second
 Lamb Weston Holdings  Said it expects margins to return to
 Inc                   pre-pandemic levels in the second half
                       of fiscal 2022 thanks to price
 Chipotle Mexican      Could implement more price hikes after
 Grill Inc             seeing very little resistance to
                       previous price increases.             
 PepsiCo Inc           Will raise prices to offset higher
                       raw-material as well as advertising
                       and marketing costs.             
 Dow Inc               Product prices jumped 16% in the
                       second quarter from the prior period,
                       it said, as demand in infrastructure,
                       industrial and personal-care end
                       markets grew.             
 U.S. Silica Holdings  Prices hikes of certain industrial and
 Inc                   specialty products to offset jumps in
                       energy, transportation, materials and
                       manufacturing costs will range up to
                       15% and go into effect for shipments
                       from Sept. 1.             
 Valmont Industries    Expects meaningful sequential margin
 Inc                   improvement in the second half in its
                       utility support structures division,
                       as pricing aligns more with steel cost
 Otis Worldwide Corp   Broadening the price increases
                       announced last quarter to include
                       additional markets to help alleviate
                       the incremental commodity cost impact
                       this year and in 2022.             
 RPM International     Its consumer group is working with
 Inc                   customers for more price hikes to
                       address first-half margin pressure.
                       Said it is going forward with price
                       increase in the next month across its
                       different businesses.             
 Hasbro Inc            Higher costs have forced Hasbro to
                       announce price increases for toys in
                       the third and fourth quarter.
 Kimberly-Clark Corp   Increased prices to offset higher raw
                       material costs.            
 Harley-Davidson Inc   Implemented average 2% pricing
                       surcharge on select models in the U.S.
                       to offset raw-material inflation,
                       although it said the surcharge will
                       not fully offset raw-material cost
 Nucor Corp            Primary drivers for expected increase
                       in earnings in the third quarter are
                       improved pricing and margins in its
                       steel mills segment.            
 Halliburton Co        Expects increasing demand and
                       tightening equipment capacity to lead
                       to higher prices.             
 Domino's Pizza Inc    Second-quarter results were partly
                       driven by a balance of more items per
                       order, modest menu price and delivery
                       fee increases.             
 Conagra Brands Inc    Said it would have to be aggressive
 CAG.N>                going forward while discussing price
 Travelers Co Inc      Expects price rises to keep exceeding
                       the increase in losses, or payouts, in
                       its commercial lines of business.
 (Reporting by Praveen Paramasivam in Bengaluru; editing by
Uttaresh.V and Aditya Soni)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ATERIAN, INC. 10.83% 13 Delayed Quote.-31.84%
CATERPILLAR INC. -0.51% 189.84 Delayed Quote.4.83%
CHIPOTLE MEXICAN GRILL, INC. 0.69% 1897.42 Delayed Quote.35.88%
CONAGRA BRANDS, INC. -0.78% 32.97 Delayed Quote.-8.36%
DOW INC. -1.16% 55.53 Delayed Quote.1.23%
GENERAL ELECTRIC COMPANY -3.00% 96.82 Delayed Quote.15.52%
HASBRO, INC. -2.87% 92.86 Delayed Quote.4.27%
KRATON CORPORATION -1.38% 39.4 Delayed Quote.43.76%
LAMB WESTON HOLDINGS, INC. -0.42% 61.26 Delayed Quote.-21.87%
LONDON BRENT OIL 0.42% 74.68 Delayed Quote.45.09%
MATTEL, INC. -2.24% 19.65 Delayed Quote.15.19%
MOHAWK INDUSTRIES, INC. -1.43% 179.64 Delayed Quote.29.00%
MONDELEZ INTERNATIONAL, INC. -0.35% 60.22 Delayed Quote.3.35%
NUCOR CORPORATION -0.69% 96.21 Delayed Quote.82.14%
OTIS WORLDWIDE CORPORATION -1.42% 82 Delayed Quote.23.14%
PEPSICO, INC. -0.05% 153.54 Delayed Quote.3.58%
RPM INTERNATIONAL INC. -0.06% 77.9 Delayed Quote.-13.41%
STARBUCKS CORPORATION 0.36% 112.22 Delayed Quote.4.52%
VALMONT INDUSTRIES, INC. -1.16% 232.45 Delayed Quote.37.29%
WTI 0.12% 70.719 Delayed Quote.48.70%
YUM! BRANDS, INC. -0.59% 124.85 Delayed Quote.17.07%
Latest news "Economy & Forex"
05:57pCanada's Aurora Cannabis to shut down a facility in Edmonton
05:43pStocks fail to rebound after Monday's sell-off
05:34pUtilities Shares Fall -- Utilities Roundup
05:34pThe WSJ Dollar Index Falls 0.05% to 87.79 -- Data Talk
05:34pEuro Lost 0.01% to $1.1728 -- Data Talk
05:34pSterling Gains 0.01% to $1.3659 -- Data Talk
05:33pEntergy estimates repair costs of up to $2.6 bln from Hurricane Ida
05:33pDollar Lost 0.17% to 109.22 Yen -- Data Talk
05:33pDogecoin Lost 3.68% to $0.202 at 5 p.m. ET -- Data Talk
05:33pDraftKings courts UK's Entain with $22.4 billion offer as U.S. sports betting spurs deals
Latest news "Economy & Forex"